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Loans—Continued.

U.S. C. Land Bank Commissioner—Continued.

Sec. No.

Page to farmers by—Continued. interest rate...

1016 (c) 103 interest rate payable on certain installment dates 1016 (i) 106 maximum loan limit.

1016 (b) 103 payment in cash or Federal Farm Mortgage Cor

poration bonds or consolidated farm loan bonds 1016 (g) 105 proceeds, disbursement of, in cash, Federal Farm

Mortgage Corporation or farm loan bonds.-- 1016 (8) 105 provisions governing

1016 103 purposes of loans.

1016 (e) 104 repayment of principal in installments.

1016 (C)

103 security for..

1016 (a) 103 valuation of..

1016 (b) 103 term of, maximum limit.

1016 (c) 103 to corporations, exceptions.

1016 (f) 104 waiver by prior lienholder, requirement of..--- 1016 (d) 104 to joint stock land banks by-

823 (note) 65 National farm loan associations

applicants must become members of farm loan asso-
ciation.

733

38 authorization to receive funds for loans to members --- 720

32 by land banks to associations.--

743

39 direct Federal land bank loans converted into, interest rate.--

723 (d)

34 fees and charges in connection with...

761

44 funds for loans received from Federal land bank... 720

32 loan committee, investigation and unanimous approval required for making loans..

751

42 notice of default required.--

921

86 payment for stock in farm loan associations from... 742, 771

39, 49 right of members to loans..

741

39 securing of, for members..

721

32 stock subscriptions by applicants for loans--- 733, 745 38, 41 subscription to land bank stock in connection with..- 721

32 supervision by secretary-treasurer.

714

28 Production credit associations amount loanable, limitation..

1131d, 1131g 137, 139 false statements to obtain, penalty.

1138d 151 farmers, terms and conditions.

1131g

139 fees and charges, power to prescribe.

1138 149 home alterations, repairs and improvements.

140 in drainage, irrigation, or conservancy districts.. 773a

51 interest rate on..

1131g

139 loans or advances to, by Federal intermediate credit banks...

1031, 1131h 118, 140 ownership of class B stock required..

1131g

139 oyster planters...

1131j 142 1131g, 1131gg, 1131j {

139, 140

142 rediscount of..

1131gg, 1131h, 1131j 140, 142 security for..

139 terms and conditions..

139 Regional agricultural credit corporations to farmers and stockmen..

1148

168 to other regional agricultural credit corporations.. 1148b 169 To agricultural-credit corporations, livestock-loan panies, etc. loans by Governor for capitalization of

approval of financial structure of corporation... 1402(b) 171 authority of Governor to make..

1401 171 limitation on amount of loans.

1402 (a) 171 minimum paid-in capital stock required to warrant. 1403 172

1131gg

purposes of

1131g 1131g

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Loans--Continued.

U, S. C.

Sec, No.
To cooperative associations under Agricultural Marketing
Act

effective merchandising and financing of operations... 1141e
interest rate, limitation.---

1141f
organization, management and business policies of
borrowing associations--

114le
payments on, covered into revolving fund.

1141f
physical facilities, construction or acquisition of.. 114le
policy with regard to promotion of surpluses.

1141f
repayment on amortization plan..

1141e
security for...

1141f
terms of...

1141f
To farmers by Governor of Farm Credit Administration,

see main heading Crop and feed loans
To stabilization corporations under Agricultural Marketing
Act
accounts of..

1141g
applications for, recognition of.

1141g
control surplus...

1141g
limitations on..

1141f
policy with regard to promotion of surpluses

1141f
purposes.-

1141g
terms of..

1141f
working capital

1141g

159
161
159
161
160
160
161

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04

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163
161
162
161
161
162
161
162

4
4
2

108

179

51
45, 103

98

47
47
81

M
Mails, United States

Free use of, by Federal Farm Mortgage Corporation ----- 1020a
Mergers, see main heading Consolidations
Minors as members of Federal credit unions...

1765
Mortgages (see also Loans)

Acquisition of, in drainage, irrigation or conservancy dis-
tricts, by certain agencies--

773a
Amortization plan agreement in first mortgages --- 771, 1016 (c)
Assignment of, without authority, penalty--

984
Assumption of

by legal representatives of borrower, in case of death.. 771
by purchasers of land mortgaged.--

771
Cancelation and satisfaction on payment of loan in full. 891
Collateral security for bond issue, see main heading Bonds,

farm loan
Defaults
acceleration of unmatured principal upon.

771
debited to reserve account of land banks.

901 (c)
interest rate..

771
payment by endorsing association, notice required.- 921
Drainage, irrigation or conservancy districts
acquisition of mortgages by certain agencies.-

773a
Endorsement of mortgages taken by Federal land banks:
by agents.

807
by national farm loan associations-

761
upon organization by direct loan borrowers.. 723 (d)
where stock impaired.

724 (a), 724 (b)
Exchange of farm loan bonds for mortgages executed prior
to May 12, 1933---

781
Exercise of unauthorized power by Federal land bank or
national farm loan association not to invalidate.-

771
False statements by mortgagee regarding sale of mortgage
to Federal land bank, penalty-..

987
Farm lands under United States reclamation projects
eligibility for loans by Federal land banks_

773

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Mortgages—Continued.

U.S.C.
First mortgage

Sec. No.
acceptance of
by Land Bank Commissioner.

1016 (a) 103
by land banks.

771, 773, 791 45, 51, 58
defined un

642, 773

12, 51
Ineligible as security for farm loan bonds during continuance
of State laws affording insufficient protection..

972

95
Installments paid must be sufficient to extinguish debt after
five years, but before forty years..

771

45
Instrumentalities of Government of United States---- 931, 1020f

87, 111
Interest rate, see main heading Loans and Interest
Investment of funds in
by Federal land bank.

781

52
by Government prohibited.

701

26
Payments on pledged mortgages...

881 (a) 891, 897–899

$77, 81,

182-83
Purchase money mortgages
eligible as substituted collateral for farm loan bonds -- 857

72
Purchase of, by Federal land banks..

781

52
Reamortization of..

781

56
Recording of, charges to borrowers for.

781, 831 (d)
Refinancing of acquired mortgages by Federal land banks. 781

52
Release of, upon payment of loans in full...

891

81
Second mortgage, acceptance of, by Land Bank Commis-
sioner.

1016 (a)

103
State laws, adequacy of

972

95
Taxation, exemption from.--

931, 1020f

111
Taxes, liens, judgments, covenant to pay-

771, 781

53, 67

87,

48, 56

118
119
118

30

57
41
18

43

N
National banks

Discount and purchase of paper by Federal intermediate
credit banks..

1031
limitation on amount.

1032
Loans to, by Federal intermediate credit banks.

1031
National farm loan associations

Advances to, by Federal land banks in anticipation of divi-
dends..

715
Agreements:
by Federal land bank to share gains and losses with.--

781
common board of directors..

746
Amortization tables, publication -

662
Application for membership, see Membership, infra
Appraisal report forms.

754
Articles of association

accompanied by affidavit and report of loan committee. 717
copies for Federal land banks, signatures.

711
Bonds, surety-

831 (f)
Borrowers, see main heading Borrowers
Cancellation of stock in land bank on liquidation.

966
Capital, tax exemption---

931
Capital stock, see main heading Capital stock
Certificates bearing interest convertible into farm loan
bonds, power to issue.-

761
Charges, on loan applications---

761, 831 (d)
Charters
amendment, territorial readjustment..

719
grant of, by Farm Credit Administration.. 719, 831 (a)

to direct loan borrowers on formation of association.- 723 (d)
Collections in behalf of Federal land bank.

714, 781
agreement with other associations with respect to---- 761
Commissions

on interest payments, dividends deducted from.- 743
unauthorized by law, penalty for receiving--

983

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91
86
53

961 et seq.

89

85, 86

38
40
7

44

34
35, 36

68, 88

88
106

National farm loan associations Continued.

U.S.C.
Common board of directors for two or more associations, see

Sec. No.
main heading Directors, subheading National farm loan

associations
Conseryators for, see main heading Conservators for national

farm loan associations
Conservatorships, see main heading Conservatorship
Consolidation of..

965
Crimes and penalties, see main heading Offenses and penalties
Debts of insolvent association, contingent liabilities in-
cluded.

964
Defaulted loans, making good thirty days after notice. 921
Deposits of funds and securities with Federal land banks. 781
Directors, see main heading Directors
Dissolution..
Dividends
declaration and payment of.

912, 913
paid on association stock held as security for loans... 733
Double liability of shareholders.

744, 744a
Election of a director on farm credit board.

6405
Employees, see Officers and employees, infra
Endorsement of mortgages by, liability..

761
upon organization by direct borrowers.

723 (d)
where stock impaired.--

724 (a), 724 (b)
Examinations

power of Farm Credit Administration to make-- 831 (e), 951
reports of...

952
Facilities available to Land Bank Commissioner..

1018
Funds

advanced by Federal land bank, in anticipation of divi-
dends..

715
deposit of...

714
deposits with Federal land banks,

781
for loans obtained from Federal land bank, power to re-
ceive---

720, 761
secretary-treasurer custodian of

714
transmitted to borrower may be in current funds, farm

loan or Federal Farın Mortgage Corporation bonds.. 772
Incorporation, see Organization, infra
Insolvency, see muin headings Conservatorship and Re-

ceivers
Interest on loans by land banks to associations, rate.

743
Liquidation, volunuary-

965
disposition of reserves.

915
disposition of stock in Federal land bank, personal lia-
bility of shareholders..

966
Loan committee
election by directors..

712
election of, by menibers becoming stockholders in im-
paired association.--

724 (b)
expenses.

715
investigation of character and solvency of applicants for
loans..

751
mortgage loans, applications referred to.

751
number of members.--

712
qualification of members.-

756
report must accompany articles of association..

717
report on investigation by-

751
submission of, to land banks with loan application. 752
substitutes, appointment of, by directors--

756
where associations have common board of directors - 746
Loan funds, disbursement by secretary-treasurer.

714
Loans, see main heading Loans, subheading National farm

loan associations

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National farm loan associations-Continued.
Membership

U.S.C.
admission to

Sec. No.
after organization.

745
of new members in impaired association. 724 (a), 724 (b)
where associations have common board of direc-
tors.

747
application for, required..

733
assessment of members permitted.---

715
borrowers through impaired association, see Stock im-

paired, infra
limitation on.

733, 745
stock subscription required.

733, 745
Mergers

965
Mortgages, see main heading Mortgages
Names of borrowers, disclosing of --

983
Nomination of third district director on farm credit board.. 6400
Offenses and penalties, see main heading Offenses and penal-

ties
Officers and employees
bond required of secretary-treasurer.

714
compensation of officers--

713
election of officers by directors -

712
expenses.

715
names of borrowers, disclosing of_

983
offenses by, see main heading Offenses and penalties,

subheading Federal land banks, etc,
qualifications.-

713
secretary-treasurer, see Secretary-treasurers, infra
Organization
affidavit with articles of association.-

717
authorized..

711
by direct borrowers.

723 (d)
circulars to be issued instructing farmers how to organ-
ize---

664
investigation of solvency of applicants for incorpora-
tion-

718
number of incorporators, conditions and requirements. 716
powers of Farm Credit Administration.-

831 (a)
Powers
acquire and dispose of property-

761
collect for other associations.

761
endorse mortgages---

723 (d), 724 (a), 724 (b), 761
fees and charges, fixing of_

761
issue interest-bearing certificates against deposits of
current funds..

761
make applications for loans from Federal land bank,
limitation..

743
receive loan funds from Federal land banks.

720, 761
Receivers for, see main heading Receivers, subheading Na-

tional farm loan associations
Reports, see main heading Reports, subheading National farm

loan associations
Reserves, see main heading Reserves -
Secretary-treasurers
appointment.

712
bond required.

714
compensation fixed by directors.

712
payable from general funds-

715
forfeiture of office.

714
making mortgage loans through other agencies, prohi-
bition.

714
mortgage loan applications filed with.

745
not required to be shareholders.--

713, 716

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